Subject: File No. S7-09-13
From: Don Cole

October 25, 2013

To whom it may concern,

I am deeply disturbed by this proposed rule. Crowdfunding has opened the door for countless companies to meet consumer demands where big business fails to see opportunity. Although I can understand the need to investigate crowdfunding projects to make certain that they are not merely keeping the money for personal use, limiting donations to $1 million a year and requiring start up businesses to pay exorbitant fees completely defeats the purpose of crowdfunding.

Please reconsider these aspects of this rule. Many of us have invested in crowdfunding projects and are very keen to see them succeed. Don't hamstring them in your effort to provide oversight.